Many taxpayers have heard of 1031 exchanges, and may even be considering one for themselves, but don’t know what the first steps are. Thankfully, starting a 1031 exchange is fairly simple. It requires the help of a qualified intermediary and a handful of documentation. Contact us today to speak with a Rochester 1031 exchange professional that can help you get started with your exchange – 877.373.1031.
First Steps to Starting a 1031 Exchange in Rochester
The first step in any 1031 exchange is to contact a qualified intermediary who has experience with like-kind exchanges. A qualified intermediary can make sure you hit all of your required deadlines, and that all of the necessary paperwork is in order. Ideally, you should involve your qualified intermediary before you even sell your relinquished property. The more time you have to plan, the smoother your exchange will go. Once you have a qualified intermediary, you’re going to need to send them some preliminary documents to get things started, including:
- Name, contact info, and SSN or FEIN of the seller (whether that’s you or a business entity)
- The contact information of the title company that’s closing the sale
- The purchase agreement
- The title report
Once your qualified intermediary receives this information, they can start to compile the initial 1031 documents. Moving forward through your exchange, your intermediary will make sure that you abide by the required 45 day and 180 day time frames that are crucial in any 1031 exchange.
Start Your Rochester 1031 Exchange
For people who have never done a 1031 exchange before, getting started is the hardest part. But once you get going and realize the benefits of deferring the gain and keeping your money working for you, you’ll be glad you started! All you need is a qualified intermediary to get you off on the right foot.
If you are looking to start a 1031 exchange in Rochester, contact us today. Our 1031 qualified intermediaries have facilitated countless exchanges throughout Minnesota and across the country. Give us a call today to get your exchange started and witness the tax saving benefits of a like-kind exchange – 877.373.1031.